4. The effect of price floors on supply curvesThe following graph represents the labor market in Manchester in the absence of price controls.Now suppose the government imposes a minimum wage of $14. If the government does not implement any additional policies to resolve the resulting disequilibrium, the cost of _________ (supplying /demanding -fillBlanks ) labor will rise until equilibrium is restored.Use the black line (plus symbol) to draw the line illustrating this shift in either the supply or demand curve (assuming the shift is parallel). Then use the green triangle (triangle symbols) to shade the area representing the gains to employers?that is, consumer surplus?and the purple triangle (diamond symbols) to shade the area representing the gains to workers?that is, producer surplus?at the minimum wage rate. Finally, use the black triangle (plus symbols) to determine the minimum amount of deadweight loss (DWL) generated by the minimum wage.Note: You will not be graded on your placement of the objects on the graph. Once you have placed the shapes properly on the graph, select them to see the areas, and use this information to complete the table following the graph.

C aplia.apps.ng.cengage.com/af/servlet/quiz?ctx=mshadmeh-0006&quiz_action=ta 20 18 Demand New S or D Curve 10 14 Consumer Surplus 12 10 WAGE (Dollars per hour) Producer Surplus Deadweight Loss N Supply 0 0.5 1.0 1.5 2.0 2.5 30 35 40 4.5 5.0 LABOR (Thousands of worker hours) Consumer Surplus Producer Surplus _Minimum Deadweight Loss (Dollars) (Dollars) (Dollars) No Minimum Wage 4,500 9,000 Minimum Wage = $14 True or False: The true size of deadweight loss is independent of the kind of cost that minimum wages impose on labor suppliers. O True O False